Belgium has drawn “red lines” on the use of Russian assets

Belgium insists that all 27 EU countries agree to share responsibility for the possible financial or legal consequences associated with the use of Russian assets frozen after the start of Russia's full-scale invasion of Ukraine in 2022, Politico reports.

“These guarantees cannot be limited to the €170 billion in cash that the Commission is proposing to mobilize. The potential liability could be significantly greater than the nominal amount,” said Belgian Prime Minister Bart De Wever.

He stressed that the guarantees should not automatically end after the sanctions are lifted, as arbitration proceedings may arise even years later.

Belgium, which is home to the Euroclear financial depository that holds most of Russia's frozen state assets, fears that it will bear the brunt of any claims from Russia.

Among the conditions put forward by the Belgian government are: a ban on any measures that could be construed as confiscation; legally binding guarantees of joint liability of EU countries for risks to Euroclear and Belgium; and an agreement to provide funds immediately if necessary to return assets to Russia, for example after the conclusion of a peace agreement.

Photo: TSN.